Related Documents:
33-11328
22-Nov-2024
Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On November 22, 2024, the SEC instituted settled cease-and-desist proceedings against United Parcel Service, Inc., stating: "This matter concerns UPS's failures to adhere to the basic accounting principle that the "fair value" of an asset is the price that would be received to sell that asset in an orderly transaction between market participants. These failures resulted in material misrepresentations to investors regarding its earnings and other reported items and activities."
2024-184
22-Nov-2024
Press Release--Administrative Proceeding
UPS to Pay $45 Million Penalty for Improperly Valuing Business Unit
On November 22, 2024, the SEC "announced settled charges against United Parcel Service Inc. for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) in valuing one of its worst performing businesses."
34-102365
06-Feb-2025
Administrative Proceeding
Extension Order
The Commission ordered that: "the Division’s request for an extension of time until January 27, 2026, to submit a Proposed Plan of Distribution is granted."
34-104699
27-Jan-2026
Administrative Proceeding
Second Extension Order
The Commission ordered that: "the Division's request for an extension of time until June 18, 2026, to submit a Proposed Plan of Distribution is granted."
34-105545
22-May-2026
Administrative Proceeding
Order Appointing Fund Administrator, Setting Administrator's Bond Amount, and Authorizing the Approval and Payment of the Fees and Expenses of Administration
The Commission ordered that: "A. Epiq is appointed as the Fund Administrator . . . ; B. Epiq shall obtain a bond . . . in the amount of $45,000,000; C. the Fund Administrator will submit invoices to the Commission staff for services
rendered . . . ; D. at the direction of an Assistant Director of the Office of Distributions, OFM is
authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund"
34-105730
18-Jun-2026
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution ("the Proposed Plan") for the distribution of monies paid in the above-captioned matter."
Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the "Plan") . . . the Plan seeks to compensate investors based on their losses, due to the misconduct of the Respondents, on shares of United Parcel Service Class A and Class B common stock (each an “Equity Security”) and certain United Parcel Service bonds (each a “Debt Security,” and the Equity Securities and Debt Securities collectively “Securities”) purchased or acquired from October 22, 2019, the filing date of UPS’s first misleading Form 8-K in which it did not comply with Generally Accepted Accounting Principles in disclosing or properly accounting for a goodwill impairment of one of its business units, through January 24, 2021,2 (the “Relevant Period”)."
34-106125
13-Aug-2026
Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that: "[T]he Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at www.sec.gov."
Plan of Distribution
The Commission stated that: "[T]he Plan [of Distribution] seeks to compensate investors based on their losses, due to the misconduct of the Respondents, on shares of United Parcel Service Class A and Class B common stock . . . and certain United Parcel Service bonds purchased or acquired from October 22, 2019, the filing date of UPS's first misleading Form 8-K in which it did not comply with Generally Accepted Accounting Principles in disclosing or properly accounting for a goodwill impairment of one of its business units, through January 24, 2021 . . . In the view of the Commission staff and the Fund Administrator, the methodology detailed in the Plan of Allocation . . . constitutes a fair and reasonable allocation of the Fair Fund."